From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org [172.17.192.35]) by mail.linuxfoundation.org (Postfix) with ESMTPS id 164CFBAF for ; Wed, 13 Dec 2017 19:46:13 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from mail-wr0-f182.google.com (mail-wr0-f182.google.com [209.85.128.182]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 32885B0 for ; Wed, 13 Dec 2017 19:46:12 +0000 (UTC) Received: by mail-wr0-f182.google.com with SMTP id v22so3166950wrb.0 for ; Wed, 13 Dec 2017 11:46:12 -0800 (PST) DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; s=20161025; h=mime-version:from:date:message-id:subject:to; bh=H23IYB4UgkiiTto5P9Xtm/tkfETI4Zo1aOaL1CT6gXI=; b=U5nZKvo5CzZldNmjBuBV2xFlLlA3GIDZLiNuI/bFK8t8uau+RK45bqqlzd1S8vjhrG pWGwvwZGKiMMbpMt+CJxJtBqAhyWUgLqdCMVXNbqCC2CHBjdOc3YTUkbrps82TuoCNI4 cwwgAmktJxAa7GsG4l9DxyoaeR+SnfmZrxCwL1/gUslcpLDNSPG6Wjy/NUFk/KtyimWw EJXY47FEwZswaDajtvXpR6VoRs2wpnbBwgLuE1/FdkzbP8wSuD8RNkc+d868dYmeNeML YLH+nJm/QyDH25nGknd+uV9JrDtucAm7VnWEedXszJjzSFksAIvDvwft8MZyKJuA9+3q P/ug== X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20161025; h=x-gm-message-state:mime-version:from:date:message-id:subject:to; bh=H23IYB4UgkiiTto5P9Xtm/tkfETI4Zo1aOaL1CT6gXI=; b=OvowQoDc09Pxl7yoHO7Q1LjwWj5K6awGal73mTV41SEjWWGHn67VTrMeNJDjI53xvP BhTnKKslmO/MbuRY4bqoZANpekCdYAxsi9stXBmX7/iZnNllCq9CFbPlyUjyOfIeU1EG scuqq52OUGMbu8FIzaiP0dM0aBHO7lGZsr8BcqTKNQSvjRjbIV8VoFPH3o8a5CdYNTFm ZQORwCfYRbxLq+h9LqGrblSoLjqmB4waXGMD+YFTsUJuYfa2K7GsOMlkWc8iv63IJRuy YI1yRiS1KIgp6XWhRP/pXQpN2hikrRgAH4xUmcifS+YbLRjz0r4dwuRKNwFaPgPVtIap 9Bog== X-Gm-Message-State: AKGB3mI+k2Nrksgpd7yQdQAiDT62Ge21Sc2SSk3F30f6EU0gsvnJIJPi EywTcDvIBqkd2Cv94GmYo7tra9YYMt2mUYqBLOLQuTjCs9U= X-Google-Smtp-Source: ACJfBovLmcoqO7q/hp2ZyVidemuFAY9tpTCRRFBOOrFppdfK+2tZsU9NJCLTjTjCpWVgkKbU67BJBe9VH6oc/nkHNXg= X-Received: by 10.223.131.70 with SMTP id 64mr3273565wrd.114.1513194370193; Wed, 13 Dec 2017 11:46:10 -0800 (PST) MIME-Version: 1.0 Received: by 10.223.193.140 with HTTP; Wed, 13 Dec 2017 11:46:09 -0800 (PST) From: Jimmy Song Date: Wed, 13 Dec 2017 13:46:09 -0600 Message-ID: To: Bitcoin Protocol Discussion Content-Type: multipart/alternative; boundary="94eb2c0d2476e9610a05603e04f3" X-Spam-Status: No, score=-2.0 required=5.0 tests=BAYES_00,DKIM_SIGNED, DKIM_VALID,DKIM_VALID_AU,FREEMAIL_FROM,HTML_MESSAGE,LOTS_OF_MONEY, RCVD_IN_DNSWL_NONE autolearn=ham version=3.3.1 X-Spam-Checker-Version: SpamAssassin 3.3.1 (2010-03-16) on smtp1.linux-foundation.org X-Mailman-Approved-At: Wed, 13 Dec 2017 19:51:19 +0000 Subject: [bitcoin-dev] BIP Proposal: Utilization of bits denomination X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.12 Precedence: list List-Id: Bitcoin Protocol Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Wed, 13 Dec 2017 19:46:13 -0000 --94eb2c0d2476e9610a05603e04f3 Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable Hey all, I am proposing an informational BIP to standardize the term "bits". The term has been around a while, but having some formal informational standard helps give structure to how the term is used. https://github.com/jimmysong/bips/blob/unit-bias/bip-unit-bias.mediawiki Entire BIP included below (mediawiki format) for convenience. Best, Jimmy ---------- 
    BIP: ????
    Title: Utilization of bits denomination
    Author: Jimmy Song 
    Comments-URI:  https://github.com/bitcoin/bips/wiki/Comments:BIP-????
    Status: Draft
    Type: Informational
    Created: 2017-12-12
    License: BSD-2-Clause
    License-Code: BSD-2
=3D=3D Abstract =3D=3D Bits is presented here as the standard term for 100 (one hundred) satoshis or 1/1,000,000 (one one-millionth) of a bitcoin. =3D=3D Motivation =3D=3D The bitcoin price has grown over the years and once the price is past $10,000 USD or so, bitcoin amounts under $10 USD start having enough decimal places that it's difficult to tell whether the user is off by a factor of 10 or not. Switching the denomination to "bits" makes comprehension easier. For example, when BTC is $15,000 USD, $10.50 is a somewhat confusing 0.00067 BTC, versus 670 bits, which is a lot clearer. Additonally, reverse comparisons are easier as 67 bits being $1 is easier to comprehend for most people than 0.000067 BTC being $1. Similar comparisons can be made to other currencies: 1 yen being 0.8 bits, 1 won being 0.07 bits and so on. Potential benefits of utilizing "bits" include: # Reduce user error on small bitcoin amounts. # Reduce unit bias for users that want a "whole" bitcoin. # Allow easier comparisons of prices for most users. # Allow easier bi-directional comparisons to fiat currencies. # Allows all UTXO amounts to need at most 2 decimal places, which can be easier to handle. =3D=3D Specification =3D=3D Definition: 1 bit =3D 1/1,000,000 bitcoin. Plural of "bit" is "bits". The terms "bit" and "bits" are not proper nouns and thus should not be capitalized unless used at the start of a sentence, etc. All Bitcoin-denominated items are encouraged to also show the denomination in bits, either as the default or as an option. =3D=3D Rationale =3D=3D As bitcoin grows in price versus fiat currencies, it's important to give users the ability to quickly and accurately calculate prices for transactions, savings and other economic activities. "Bits" have been used as a denomination within the Bitcoin ecosystem for some time. The idea of this BIP is to formalize this name. Additionally, "bits" is likely the only other denomination that will be needed for Bitcoin as 0.01 bit =3D 1 satosh= i, meaning that two decimal places will be sufficient to describe any current utxo. Existing terms used in bitcoin such as satoshi, milli-bitcoin (mBTC) and bitcoin (BTC) do not conflict as they operate at different orders of magnitude. The term micro-bitcoin (=C2=B5BTC) can continue to exist in tandem with the= term "bits". =3D=3D Backwards Compatibility =3D=3D Software such as the Bitcoin Core GUI currently use the =C2=B5BTC denominat= ion and can continue to do so. There is no obligation to switch to "bits". =3D=3D Copyright =3D=3D This BIP is licensed under the BSD 2-clause license. =3D=3D Credit =3D=3D It's hard to ascertain exactly who invented the term "bits", but the term has been around for a while and the author of this BIP does not take any credit for inventing the term. --94eb2c0d2476e9610a05603e04f3 Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable
Hey all,

I am proposing an informationa= l BIP to standardize the term "bits". The term has been around a = while, but having some formal informational standard helps give structure t= o how the term is used.

=
Entire BIP included below (mediawiki format) for convenience= .

Best,

Jimmy
<= br>
----------

<pre>
=C2=A0 =C2=A0 BIP: ????
=C2=A0 =C2=A0 Title: Utilization of bit= s denomination
=C2=A0 =C2=A0 Author: Jimmy Song <jaejoon@gmail.com>
=C2=A0 =C2=A0 C= omments-URI:=C2=A0 https://github.com/bitcoin/bips/wiki/Comments:BIP-????
=C2=A0 =C2=A0 Status: Draft
=C2=A0 =C2=A0 Type: Informational<= /div>
=C2=A0 =C2=A0 Created: 2017-12-12
=C2=A0 =C2=A0 License= : BSD-2-Clause
=C2=A0 =C2=A0 License-Code: BSD-2
</p= re>

=3D=3D Abstract =3D=3D
Bits is pr= esented here as the standard term for 100 (one hundred) satoshis or 1/1,000= ,000 (one one-millionth) of a bitcoin.

=3D=3D Moti= vation =3D=3D
The bitcoin price has grown over the years and once= the price is past $10,000 USD or so, bitcoin amounts under $10 USD start h= aving enough decimal places that it's difficult to tell whether the use= r is off by a factor of 10 or not. Switching the denomination to "bits= " makes comprehension easier. For example, when BTC is $15,000 USD, $1= 0.50 is a somewhat confusing 0.00067 BTC, versus 670 bits, which is a lot c= learer.

Additonally, reverse comparisons are easie= r as 67 bits being $1 is easier to comprehend for most people than 0.000067= BTC being $1. Similar comparisons can be made to other currencies: 1 yen b= eing 0.8 bits, 1 won being 0.07 bits and so on.

Po= tential benefits of utilizing "bits" include:

# Reduce user error on small bitcoin amounts.
# Reduce unit= bias for users that want a "whole" bitcoin.
# Allow ea= sier comparisons of prices for most users.
# Allow easier bi-dire= ctional comparisons to fiat currencies.
# Allows all UTXO amounts= to need at most 2 decimal places, which can be easier to handle.

=3D=3D Specification =3D=3D
Definition: 1 bit =3D= 1/1,000,000 bitcoin.
Plural of "bit" is "bits&quo= t;. The terms "bit" and "bits" are not proper nouns and= thus should not be capitalized unless used at the start of a sentence, etc= .

All Bitcoin-denominated items are encouraged to = also show the denomination in bits, either as the default or as an option.<= /div>

=3D=3D Rationale =3D=3D
As bitcoin grows= in price versus fiat currencies, it's important to give users the abil= ity to quickly and accurately calculate prices for transactions, savings an= d other economic activities. "Bits" have been used as a denominat= ion within the Bitcoin ecosystem for some time. The idea of this BIP is to = formalize this name. Additionally, "bits" is likely the only othe= r denomination that will be needed for Bitcoin as 0.01 bit =3D 1 satoshi, m= eaning that two decimal places will be sufficient to describe any current u= txo.

Existing terms used in bitcoin such as satosh= i, milli-bitcoin (mBTC) and bitcoin (BTC) do not conflict as they operate a= t different orders of magnitude.

The term micro-bi= tcoin (=C2=B5BTC) can continue to exist in tandem with the term "bits&= quot;.

=3D=3D Backwards Compatibility =3D=3D
=
Software such as the Bitcoin Core GUI currently use the =C2=B5BTC deno= mination and can continue to do so. There is no obligation to switch to &qu= ot;bits".

=3D=3D Copyright =3D=3D
T= his BIP is licensed under the BSD 2-clause license.

=3D=3D Credit =3D=3D
It's hard to ascertain exactly who inv= ented the term "bits", but the term has been around for a while a= nd the author of this BIP does not take any credit for inventing the term.<= /div>
--94eb2c0d2476e9610a05603e04f3--